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SCARCITY and ABUNDANCE

SCARCITY and ABUNDANCE. Two Definitions Of Scarcity. Some Examples of Scarcity. One car and eight people who wish to ride. Five bagels and nine hungry people to eat them. Can you think of some others?. Two Definitions of Scarcity. Definition 1. Definition 2.

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SCARCITY and ABUNDANCE

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  1. SCARCITY and ABUNDANCE Two Definitions Of Scarcity

  2. Some Examples of Scarcity • One car and eight people who wish to ride. • Five bagels and nine hungry people to eat them. • Can you think of some others?

  3. Two Definitions of Scarcity Definition 1 Definition 2 A situation in which a resource has more than one valuable use. (Goods are scarce if choosing one valuable use of them means giving up another valuable use.) • A situation in which human wants are greater than the capacity of available resources to provide for those wants. • (This is a relative relationship in which scarcity depends on how much of something is available relative to how much is wanted.)

  4. Activity 1 • Work with a partner. Using the two definitions, decide which examples illustrate scarcity (S) and which do not (NS).

  5. Activity 2 • Work with a partner. Again, using the two definitions, decide which examples show people treating scarce resources as NOT scarce (NS) and which examples show people treating scarce resources as scarce (S).

  6. Discussion • Do students face scarcity? Provide two examples showing how students are confronted with scarcity if a teacher assigns them homework.

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